What is the definition of Big Data?
By definition, Big Data is data whose scale, diversity, and complexity require new architecture, techniques, algorithms, and analytics to manage it and extract value and hidden knowledge from it. Big Data is characterized by 6Vs:
- Volume: amount of data from myriad sources.
- Variety: types of data: structured, semi-structured, unstructured.
- Velocity: speed at which big data is generated.
- Veracity: degree to which big data can be trusted.
- Value: business value of the data collected.
- Variability: ways in which big data can be used and formatted.
What are the Applications of Big Data?
Gоvernаnсe
- Рrevent сyber-аttасks
- Enhаnce seсurity systems
- Deteсt саrd-relаted frаud саses
- Рrediсt сriminаl асtivities
- Improving the quаlity оf eduсаtiоn
- Disaster Mаnаgement
Retail/Consumer
- Market based analysis
- Supply chain management and analytics
- Behaviour based targeting
- Market and consumer segmentation
Medical and Health
- Clinical trials data analysis
- Disease pattern analysis
- Campaign and sales program optimization
- Patient care quality and program analysis
- Medical device and pharmacy supply chain management
- Drug discovery and development analysis
Economy
- To manage financial data
- To capture the production, price statistics, and calculate the resultant GDP
- Evade risks and minimize losses for financial firms
- Catching hold of tax evaders
- Deregistration of shell companies
- Preventing money laundering and curbing terrorism financing
Finances and Fraud Services
- Compliance and regulatory reporting
- Risk analysis and management
- Fraud detection and security analysis
- Credit risk and scoring
- Trade surveillance
- High speed arbitrage trading
Web and Digital Media
- Large scale clickstream analysis
- Ad targeting, forecasting and optimization
- Social graph analysis and profile segmentation
Agriculture and Food
- Seed Selection
- Geo-Tagging to keep the track record of agricultural assets
- Weather Forecasting
- Effective water management
- Food Processing
- Identification of Crop Diseases
Telecommunications
- Revenue assurance and price optimization
- Call detail record analysis
- Network performance
- Mobile user location analysis
Government Initiatives and Interventions in India
What is National Data & Analytics Platform (NDAP): NITI Aayog launched the National Data & Analytics Platform (NDAP) in May 2022. The platform uses cutting-edge methods to link diverse datasets from across the government and enables the use of several types of data at once. As of Feb 2023, NDAP hosts 885 datasets from across 15 sectors and 46 Ministries.
What is Big Data Management Policy: It was drafted by CAG for auditing large chunks of data generated by the public sector in the states and the union territories.
National Data Warehouse on Official Statistics: The Ministry of Statistics and Programme Implementation has proposed to establish a National Data Warehouse on Official Statistics with a view to leveraging big data analytical tools to further improve the quality of macro-economic aggregates.
Use of Direct Benefit Transfer in MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act), Aadhaar for authentication and availing welfare scheme, Smart City Mission, Digital India, BHIM app etc. are important government initiatives that are using Big Data for achieving good governance in the country.
Also Read:
Internet of Things (IoT) Device, Working and Benefits
Quantum Computing Principles, Algorithms and Application in details
